Unity Biotechnology (NASDAQ:UBX) Shares Up 3.5% – Time to Buy?

Unity Biotechnology, Inc. (NASDAQ:UBX)’s share price shot up 3.5% during mid-day trading on Thursday . The company traded as high as $1.79 and last traded at $1.76. 88,451 shares were traded during mid-day trading, a decline of 71% from the average session volume of 304,516 shares. The stock had previously closed at $1.70.

Wall Street Analyst Weigh In

Separately, Chardan Capital initiated coverage on shares of Unity Biotechnology in a report on Friday, January 10th. They set a “buy” rating and a $6.00 target price for the company.

Unity Biotechnology Stock Performance

The business’s 50-day moving average price is $1.82 and its 200 day moving average price is $1.50. The company has a market cap of $28.31 million, a P/E ratio of -1.28 and a beta of 1.02.

Hedge Funds Weigh In On Unity Biotechnology

A hedge fund recently raised its stake in Unity Biotechnology stock. Geode Capital Management LLC raised its holdings in shares of Unity Biotechnology, Inc. (NASDAQ:UBX) by 9.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 163,242 shares of the company’s stock after purchasing an additional 14,199 shares during the quarter. Geode Capital Management LLC owned approximately 0.97% of Unity Biotechnology worth $240,000 at the end of the most recent reporting period. 29.49% of the stock is owned by hedge funds and other institutional investors.

About Unity Biotechnology

Unity Biotechnology, Inc, a biotechnology company, engages in the research and development of therapeutics to slow, halt, or reverse diseases of aging. The company's lead drug candidate includes UBX1325, which is Phase 2 clinical trial for the treatment of age-related diseases of the eye, including diabetic macular edema, age-related macular degeneration, and diabetic retinopathy.